Live Ventures Announces Full and Complete Dismissal of Remaining Federal Shareholder Derivative Lawsuit
December 07 2017 - 8:00AM
Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding
company, today announced that the plaintiff voluntarily dismissed
the alleged shareholder derivative lawsuit, following the voluntary
dismissal of a related alleged securities class action lawsuit in
the same court. This disposes of all current litigation against the
company.
No fees, settlements, or any other form of payments were made to
the plaintiff in connection with this dismissal.
As Live Ventures previously announced on December 6, the
plaintiff in the related securities class action voluntarily
dismissed that suit just a few days after the company filed a
motion asking for the securities class action to be dismissed
because it lacked a valid legal and factual basis. Shortly
thereafter, the plaintiff in the shareholder derivative suit agreed
to voluntarily dismiss that case as well.
Both complaints were based on the same set of allegations cut
and pasted from what the company believes was a self-serving and
baseless blog post. The company’s motion to dismiss the
alleged securities class action demonstrated the legal
insufficiency of the allegations on which both lawsuits relied, and
thus paved the way for both dismissals.
“This is great news for the company. We strongly believed
from the beginning that both cases were without merit, and these
voluntary dismissals have vindicated that belief,” said Jon Isaac,
Live Ventures’ President and Chief Executive Officer. “We are
very pleased to put these lawsuits behind us as we move forward
into what we think will be a terrific new year for the
company.”
Live Ventures and the other named defendants were represented by
Doug Greene of Lane Powell PC in both lawsuits. The
shareholder derivative lawsuit referenced above was filed on June
12, 2017 in the United States District Court for the District of
Nevada (Case No. 2:17-cv-1632-KJD-VCF). The class action
lawsuit was filed on May 5, 2017 in the same court (Case No.
2:17-cv-01258-RFB-GWF).
About Live Ventures Incorporated
Live Ventures Incorporated is a diversified holding company with
several wholly owned subsidiaries and a strategic focus on
acquiring profitable companies that have demonstrated a strong
history of earnings power. Live Ventures Incorporated
provides, among other businesses, marketing solutions that boost
customer awareness and merchant visibility on the
Internet. The company operates a deal engine, which is a
service that connects merchants and consumers via an innovative
platform that uses geo-location, enabling businesses to communicate
real-time and instant offers to nearby consumers. Through its
subsidiary, Marquis Industries, the company operates as a
specialty, high-performance yarns manufacturer and hard-surfaces
re-seller. Marquis Industries, which is a top-10 high-end
residential carpet manufacturer in the United States, utilizes its
state-of-the-art yarn extrusion capacity to market monofilament
textured yarn products to the artificial turf
industry. Marquis is the only manufacturer in the world that
can produce certain types of yarn prized by the
industry. Through its subsidiary Vintage Stock, Inc., an
award-winning entertainment company, the company is a retailer of
movies, classic and new video games, music, collectible comics and
toys. Vintage Stock has the ability to special order and ship
product worldwide to the customer’s doorstep.
Contact:Live Ventures IncorporatedTim Matula, investor
relations425-836-9035tmatula@live-ventures.comhttp://www.live-ventures.com
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